Chapter IX Finance, Budget and Accounts

1. (1) There shall be a fund for the Authority to be called "The Ajmer Region Development Fund" (hereinafter referred to as "Fund"), to which shall be credited all moneys received by the Authority, including -
   • (a) such amount of contribution to be made by the State Government yearly or in such instalments in each year as it may determine in accordance with the schemes included in the State Plan and under appropriation duly made in this behalf, which contribution shall be utilised by the Authority for the development of Ajmer Region;
   • (b) contribution to be made by the State Government in the first instance of a sum equivalent to rupees one crore toward a revolving fund to be established by the Authority;
   • (c) such other moneys as may be paid to the Authority by the State Government, Central Government or any other authority or agency by way of grants, loans, advances or otherwise;
   • (d) 50 share of the proceeds of tax recovered on land and buildings situated within the Ajmer Region in accordance with the provisions of the Rajasthan Lands and Buildings Tax Act, 1964 (Act No. 18 of 1964) ;
   • (e) income derived from premium on second and subsequent sale of vacant land ;
   • (f) income from levy on vacant land ;
   • (g) all fees, costs and charges received by the Authority under this Act or any other law for the time being in force ;
   • (h) all moneys received by the Authority from the disposal of land, building and other property, movable and immovable and other transactions, including lease money, urban assessment, development charges and other similar charges recovered from plot holders;
     • (i) all moneys borrowed by the Authority including loans to be raised from the financing institutions;
   • (j) all moneys received by the Authority by way of rents and profits or in any other manner or from any other source ; and
   • (k) all donations to be received by the Authority.
2. (2) The Authority may keep in current or deposit account with any Scheduled Bank or any Co-operative or other Bank approved by the State Government in this behalf, such sum of money out of its Fund as may be determined by the Authority and any money in excess of the said sum shall be invested in such manner as may be determined by regulations.
3. (3) Such accounts shall be operated upon by the Ajmer Development Commissioner or by such other officer of the Authority as may be authorised by it by regulations made in this behalf.

1. (1) As a part of the Fund, the Authority shall establish in distinct Bank accounts a Loans Fund for the purpose of (a) receiving all moneys borrowed by it including all repayments of loan instalments together with payment of interest made by the borrower on loans, (b) providing all moneys to be made available by the Authority as loans or advances to local authorities and other authorities or persons, (c) repayment of loans raised by the Authority for the purposes of this Act, and (d) expenditure on projects and schemes. (2) All matters connected with the Loans Fund shall be governed by the regulations made in this behalf.

1. (1) The Authority shall make provisions for a reserve fund and may provide for other specially denominated funds, as it deems fit.
2. (2) The management of the funds referred to in sub-section (1), the sums to be transferred from time to time to the credit thereof, and the application of money comprised therein, shall be determined by the Authority.

All property, funds and other assets vesting in the Authority shall be held and applied by it for the purposes and subject to the provisions of this Act.

The Authority may, with the previous approval of the State Government, borrow any money for carrying out the purpose of this Act or for servicing any loan obtained by it, at such rates and on such conditions as the State Government may determine at the time money is borrowed.

The Authority shall be competent to give grants, advances or loans to, or to share expenses with, any local authority or other authority in Ajmer Region, or any Government Department or any person, for any of the purposes of section 16 and notwithstanding anything contained in any law for the time being in force, it shall be lawful for such local authority, other authority, Government Department or any person to accept such grants, advances or loans or share in the expenses, subject to such terms and conditions as the Authority may, from time to time, in consultation with such local authority, other authority, Government Department or any person, as the case may be, specify.

The State Government may guarantee repayment of the principal of, and interest on, any loan raised or given by the Authority or transferred to it, for the purposes of this Act, subject to such conditions as the State Government may think fit to impose.

1. (1) The Authority shall keep accounts in such form and in such manner, as it may, by regulations made in this behalf, determine.
2. (2) The Accounts of the Authority shall be subject to audit by the Examiner, Local Fund Audit in accordance with the provisions of the Rajasthan Local Fund Audit Act, 1954 (Act No. XXVIII of 1954).
3. (3) The Authority shall pay from the Fund such charges for the audit, as may be prescribed.

1. (1) The Director, Finance of the Authority shall prepare, every year, in such form and at such time as may be determined by regulations, an annual budget estimate in respect of the financial year next ensuing, showing the estimated receipts and disbursements of the Authority to the Ajmer Development Commissioner who shall after making such modifications as he deems fit, submit it to the Authority for approval.
2. (2) The Ajmer Development Commissioner shall forward to the State Government copies of the budget approved by the Authority.

The Authority shall prepare after the end of each year (ending on the 31st day of March), a report of its activities during the previous year and submit it to the State Government before the 30th day of September. The State Government shall cause to be laid on the table of the House of the State Legislature such annual report including the statement of accounts.